BigNews.Biz - Apr 30,2012 - The Toro Company Expands Rental Offering with Light Construction Equipment
Acquires assets of Stone Construction Equipment, Inc.
BLOOMINGTON, Minn. - The Toro Company (NYSE: TTC) announced that it has acquired light construction and hardscape product assets of Stone Construction Equipment, Inc., which manufactured concrete and hardscape equipment for rental and construction companies. Terms of the transaction were not disclosed.
This acquisition builds on Toro's position in the growing rental market with a reputable line of branded products in the hardscape space, which include concrete and mortar mixers, material handlers, compaction equipment, and other concrete power tools. These products further extend Toro's offering to contractors and rental companies, and complement its recent acquisitions of tree care and turf renovation product lines.
“Stone built a solid reputation around quality,” said Rick Rodier, general manager of Toro's Sitework Systems Business. “These products are respected by rental and construction customers, and complement our current line of compact utility equipment and trenchers extremely well. We see great opportunity to leverage our core strengths in innovation, engineering and distribution to grow share in these new categories.”
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly$1.9 billion in fiscal 2011, Toro's global presence extends to more than 90 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.
Statements made in this news release, which are forward-looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied. These uncertainties include factors that affect all businesses operating in a global market as well as matters specific to Toro. Particular risks and uncertainties that may affect the company's operating results or overall financial position at the present include: slow or negative growth rates in global and domestic economies, resulting in rising or persistent unemployment and weakened consumer confidence; the threat of terrorist acts and war, which may result in contraction of the U.S. and worldwide economies; drug cartel-related violence, which may disrupt our production activities and maquiladora operations based in Juarez, Mexico; fluctuations in the cost and availability of raw materials and components, including steel, engines, hydraulics, resins and other commodities and components; fluctuating fuel and other costs of transportation; the impact of abnormal weather patterns, natural disasters and global pandemics; the level of growth or contraction in our key markets; government and municipal revenue, budget and spending levels, which may negatively impact our grounds maintenance equipment business in the event of reduced tax revenues and tighter government budgets; dependence on The Home Depot as a customer for the residential